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The
move marks a total consolidation of Alibaba's media businesses,
including Youku Tudou Inc., UCWeb Inc. and Alibaba Pictures
Group Ltd.<1060.HK> as well as the company's sports, games,
literature, music and digital entertainment divisions.
Yu Yongfu, former CEO of UCWeb, will become the chairman and CEO
of the newly formed Alibaba Digital Media and Entertainment
Group, reporting directly to Alibaba CEO Daniel Zhang.
Youku Tudou chairman and CEO Viktor Koo will chair the Alibaba
Digital Media and Entertainment Strategy and Investment
Committee, which will oversee the management of the planned fund
for the new digital media group, which an Alibaba spokeswoman
confirmed will be over 10 billion yuan.
The company declined to mention specific investment projects,
saying that the funds will be used across their digital media
and entertainment businesses.
Alibaba Pictures, the only publicly listed company under the new
entity, has already undergone a series of consolidations,
including the recent addition of online ticketing service Tao
Piao Piao.
The entertainment company also recently entered an agreement
with Steven Spielberg's Amblin Pictures, agreeing to co-produce
and finance films.
Youku Tudou, which is approaching its tenth anniversary in
December, was fully acquired by Alibaba in October last year as
part of a $3.5 billion deal that took the company private.
Yu will retain his previous titles as president of AutoNavi and
president of Alibaba Mobile Business Group, both Alibaba
subsidiaries.
(Reporting by Catherine Cadell; Editing by Christian
Schmollinger/Keith Weir)
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